23rd March 2020
As Turkey grapples with the coronavirus pandemic, the March 17 arrest of Azeri-Turkish billionaire Mubariz Mansimov Gurbanoglu failed to draw the attention it deserves. Gurbanoglu was arrested on terrorism charges, part of what he alleges is a web of collusion between global energy giants and Turkish prosecutors. Gurbanoglu, 52, was a former ally… Read More
20th March 2020
The Trump administration this week sent a stark message to Iran in three new rounds of sanctions: The U.S. won’t ease its economic pressure campaign even as the coronavirus pandemic batters the country. The Trump administration, amid growing calls to ease its sanctions campaign, said it has no plans… Read More
17th March 2020
A Los Angeles businessman was convicted on Monday of a billion-dollar tax fraud scheme, after a lengthy trial featuring testimony about international money laundering and a Utah polygamist sect. Lev Aslan Dermen, who owned a fuel company that ran truck stops and gas stations, was found guilty by a federal… Read More
13th March 2020
The United States on Thursday imposed sanctions on another subsidiary of Rosneft, ramping up pressure on the Russian state oil giant that the Trump administration has said provides a financial lifeline to Venezuelan President Nicolas Maduro. The U.S. Treasury Department blacklisted TNK Trading International, a Swiss-based unit of Rosneft. Washington… Read More
11th March 2020
John Wood Group PLC has reserved $46 million to cover costs associated with possible settlements with U.S., Brazilian and Scottish authorities, the oil-field services company said. The settlements would resolve probes by five authorities in three countries, the Wood Group said in an annual investor report on Tuesday. The… Read More
11th March 2020
At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry. The lack of rig activity could damage the… Read More
11th March 2020
Economic sanctions regulations generally are written to be applicable to “property or interests in property.” These terms are very broad ones; for example, the Office of Foreign Assets Control’s (OFAC) Venezuela Sanctions Regulations defines them in the following way: The terms property and property interest include, but are not limited… Read More
9th March 2020
From the Andes mountains, thousands of artisanal gold-diggers for years sent fragments of metal to a Swiss valley. There, a refinery purified the gold to sell to banks, watchmakers, fine jewelers and electronics companies. It circulated as ingots, phones and trinkets – some branded with names including Apple and Tiffany… Read More
6th March 2020
For several months last year, a steady stream of ships was observed dredging sand in a North Korean bay then transporting it to China, a Washington-based think-tank said on Wednesday. The extraction of sand from North Korea to China would violate a 2017 U.N. Security Council resolution that prohibits North… Read More
5th March 2020
Portugal will likely freeze proceeds from the expected sale of Isabel dos Santos’ 42.5% stake in EuroBic, worth around $200 million, the country’s central bank governor Carlos Costa told a parliamentary committee on Wednesday. “The judicial authorities will want to preserve the value associated with this deal. This… Read More